Get serious about your retirement plans regardless of your age!
The last thing the young want to think about is getting old, and yet unless your life is cut short, like it or not there’s no getting away from it, old age is going to creep up on us all.
Regardless of all the financial advice and warnings out there regarding being financially prepared for retirement most are not. The necessity to save, invest money and prepare for the future and retirement seems to be put on the back burner.
And the chances are most young people will either ignore it or make minimal effort to prepare for their future. The problem is that future that you’d rather not think about is soon staring you in the face, and it’s a future that most are totally unprepared for. Then what do you do?
Old age comes around whether your ready or not!
Even those in their later thirties and forties often put off thinking about aging and retirement. Why worry when there’s lots of time ahead of you to deal with things like that. And they always assume that they have lots of time and will make it up when they make more money. Which doesn’t usually happen.
Often thoughts are that for now there are other important things to think about. So the idea is to just live and get what you want while you can. The fact that 10 years can pass in what seems like no time soon brings you to old age.
And the realization that you never did get around to playing financial catch up. This is not meant to dwell on always thinking about getting and feeling old. It’s about being able to afford to stay as young as you can and do the things you want to do as long as possible. It’s about preparing for the future life you’ll want.
What is a successful life really?
Most young people want to acquire stuff, the more the better and that’s where a big problem lies. They assume that possessions and things are what make you happy, little do they know that it not so! Unfortunately, usually this realization only comes with age and experience. For many it’s a way of proving to themselves and others how successful they are or appear to be.
Where is your money going?
Expensive cars, brand name clothes, shoes and accessories, eating out too often in general or at expensive restaurants all takes a lot of your money. Too much extravagance is where many people are gambling with their future.
This is where their money is going. And they end up maxing out credit cards in order to keep up with what they think everyone else is doing or having. This is a big mistake and can set people back financially for a long time. Many who never get out from under the debt they create.
Of course this isn’t everyone, some people don’t want all this. But often they also don’t have much ambition either and still end up struggling. They are financially broke and unprepared for when they are older and unable to produce the income they’ve been used to.
Just because your older doesn’t mean you don’t want to live a good life and do things you enjoy. But where will the money come from if you haven’t made some SMART financial preparations over the years?
I emphasize the word smart because there are a lot of people that do have good intentions. Some of them just let someone else make all the financial decisions for them. And sometimes ones are not good ones.
Some financial planners are more qualified and better at explaining options to their clients than others. Just like any profession check them out and if you’re not happy change. Ask questions, ask for references after all they are supposed to be working for you.
Create your very own retirement plan
Making a retirement plan is very helpful, envisioning what you want your life to be like as you age is important. Things are always subject to change so be willing to be flexible. But it’s a good idea to think about where and how you want to live, what you want to do with your time. Also how much income you’d ideally need and how much you actually expect to have when the time comes.
However, as many of us already know even the best laid plans can be derailed through one way or another. Many thousands have already experienced this in recent years with the fluctuating currencies. Also lack of job security and economy downturn that took so many pensions, benefits, homes and savings. You can do your best and try to have a bit of a backup plan in the event the worst happens.
Be proactive, take back your own power, it’s never too late to make better choices.
You can’t predict the future as you get older and reach retirement age. But you can be aware of opportunities and the various options you have in front of you now. Consider some of the setbacks that could transpire and how you might deal with them.
Don’t live with your head in the sand because you may have a rude awakening. And you may wish you had made better choices and been better prepared for the years to come.
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